DUKE COMPANY |
||
Statement of Comprehensive Income |
||
For the Year Ended December 31, 2021 |
||
Sales revenue .................................................................. |
$15,200,000 |
|
Cost of goods sold .......................................................... |
9,100,000 |
|
Gross profit ..................................................................... |
6,100,000 |
|
Operating expenses: |
||
General and administrative expense ............................ |
$1,010,000 |
|
Selling expense ........................................................... |
510,000 |
|
Restructuring costs ...................................................... |
310,000 |
|
Loss on inventory write-down ..................................... |
410,000 |
|
Total operating expenses ........................................... |
2,240,000 |
|
Operating income ............................................................ |
3,860,000 |
|
Other income (expense): |
||
Interest expense ........................................................... |
(710,000) |
|
Income before income taxes............................................ |
3,150,000 |
|
Income tax expense ........................................................ |
787,500 |
|
Net income ..................................................................... |
2,362,500 |
|
Other comprehensive income, net of tax: |
||
Foreign currency translation adjustment……………… |
(157,500) |
|
Gain on debt securities ................................................. |
142,500 |
|
Total other comprehensive income (loss) .................. |
(15,000) |
|
Comprehensive income ................................................... |
$ 2,347,500 |
|
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of...
Duke Company’s records show the following account balances at December 31, 2021: Sales revenue $ 15,200,000 Cost of goods sold 9,100,000 General and administrative expense 1,010,000 Selling expense 510,000 Interest expense 710,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. $310,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to...
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $15, 8ee, eee 9,480, eee 1,040, eee 540,000 740, eee Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount 1. $340,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $440,000 was written off as obsolete. Material losses...
Duke Company's records show the following account balances at December 31, 2018: Sales cost of goods sold General and administrative expenses Selling expenses Interest expense $15,200,880 9,198,880 1,81e,90e 51e,98e 71e,90 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. 1. $310,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to...
Duke Company's records show the follow accounts balance at December 31, 2021 Sales Revenue $ 15,000,000 Cost of goods sold 9,000,000 General and Administrative expense 1,000,000 Selling expense 500,000 Interest expense 700,000 Income tax expense has not yet been determined. the following events also occurred during 2021. all transactions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings. 2. inventory costing $400,000 was written off as obsolete. Material losses of this type are...
Duke Company’s records show the following account balances at December 31, 2016: Sales $ 18,000,000 Cost of goods sold 10,500,000 General and administrative expenses 1,150,000 Selling expenses 650,000 Interest expense 850,000 Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $450,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $550,000 was written off as obsolete. Material losses...
SA Comp #2 Duke Company’s records show the following account balances at December 31, 2018: Sales $ 17,400,000 Cost of goods sold 10,200,000 General and administrative expenses 1,120,000 Selling expenses 620,000 Interest expense 820,000 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. $420,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $520,000 was written off as obsolete. Material losses of this type are...
Problem 4-8 (Algo) Multiple-step statement of income and comprehensive Income LO4-1, 4-3, 4-5, 4-6) Duke Company's records show the following account balances at December 31, 2020 Cost of good old Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are materiali amount 1 $440.000 in restructuring costs were incurred in connection with plant closings 2. Inventory costing $540,000 was written off as obsolete. Material losses of this type are considered to be...
4-8 ultiple-step atement of ome and mprehensive ome -04-1, L04-3 04-5, LO4-6 Duke Company's records show the following account balances at December 31, 2021: Sales revenue $15,000,000 Cost of goods sold 9,000,000 General and administrative expense 1,000,000 Selling expense 500,000 Interest expense 700,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transac- tions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings, 2. Inventory costing...
The Massoud Consulting Group reported net income of $1,388,000 for its fiscal year ended December 31, 2021. In addition during the year the company experienced a positive foreign currency translation adjustment of $410,000 and an unrealized loss on debt securities of $60,000. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2021. (Amount to be deducted...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for 2021, including EPS disclosures. Debits Credits 2,900,000 91,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold...
> It would be nice to see how you did the calculations for the foreign currency and gain on debt securities
Sarah Steris Sat, Feb 5, 2022 1:23 PM